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    New Defense Secretary Has Ties to Material Handling Firm

    Dec. 1, 2006
    The new U.S. Defense Secretary Robert Gates, whose appointment was confirmed by the Senate last week, holds up to $250,000 in stock and serves on the

    The new U.S. Defense Secretary Robert Gates, whose appointment was confirmed by the Senate last week, holds up to $250,000 in stock and serves on the board of NACCO Industries, the Cleveland-based parent of NACCO Materials Handling Group, a lift truck company and defense contractor. It designs, manufactures and sells Yale and Hyster brand lift trucks.

    Upon being confirmed the former CIA director and Texas A&M University president has said that he would divest his holdings in the company and step away from any Defense Department matters involving NACCO for at least a year. Gates reportedly earned $134,750 in director fees from NACCO from 2005 to the present.